As Singapore's population ages, companies will face the rising challenge of accommodating older workers. Projections by the National Population and Talent Division of the old-age support ratio - that is, the ratio of working age citizens to those past the regular working age - tell a sobering story. Currently, there are 4.2 citizens in the working age band of 20 to 64 years for each citizen aged 65 years and above, compared with 6.7 in 2008. The ratio is projected to fall to about 2.4 in 2030.
Ageing is already reflected in the changing composition of the workforce. The share of the resident working-age population aged 55 and over rose from 24 per cent in 2008 to 33 per cent last year. Over the same period, the share of residents in the prime working age of 30 to 49 years declined from 41 per cent to 35 per cent.